SAN FRANCISCO, May 27, 2026, 07:02 PDT
- Some of the biggest U.S. funds are gearing up for potential listings of OpenAI and SpaceX, according to Reuters.
- Sources say OpenAI is pushing ahead with a confidential IPO filing, with a possible listing coming as soon as September.
- Very large IPOs could make their way into benchmarks like the S&P 500 and Nasdaq 100 more quickly under new index rules.
Big U.S. mutual funds and passive index funds are already stashing cash, and some are even considering trimming big-cap positions, analysts say, all in anticipation of headline-making IPOs from OpenAI and SpaceX. That kind of tactical shift puts OpenAI’s rumored offering on the radar screen—giving it a leg up in the market conversation before any paperwork appears.
The timing is key here, with OpenAI—the company behind ChatGPT—gearing up to confidentially file for a U.S. IPO within weeks, sources told Reuters last week. They’re targeting a possible listing as soon as September. With a confidential filing, the company can send its IPO draft paperwork to regulators without immediately disclosing details to the public.
New policies at major indexes like the S&P 500 and Nasdaq 100 are set to accelerate how fast newly listed megacaps get included, a shift fueling the anticipated surge. Index funds might have to shuffle portfolios faster than before—either freeing up cash or trimming exposures elsewhere—to snap up shares as soon as a company lands in a benchmark.
OpenAI has teamed up with Goldman Sachs and Morgan Stanley to prepare a draft prospectus, Reuters sources said. The company stayed quiet when Reuters reached out for comment, following The Wall Street Journal’s first mention of the IPO plan.
OpenAI, in comments picked up by Bloomberg, said it “regularly evaluate[s] a range of strategic options” and its focus “remains on execution.” Reached by Bloomberg, both Goldman Sachs and Morgan Stanley declined to weigh in. Bloomberg Law
OpenAI, most recently pegged at a staggering $852 billion, is now eyeing a public debut that could push its valuation to $1 trillion or above, according to Reuters’ October report. The company’s been out hunting for fresh capital, looking to bankroll the chips, data centers, and specialist hires that power its massive AI operations.
“Taking care of that legal overhang took a big hurdle out of OpenAI’s IPO path,” IPOX Vice President Kat Liu said to Reuters, pointing to OpenAI’s courtroom victory over Elon Musk’s challenge. Liu added that listing close to SpaceX would push portfolio managers to stack the two companies directly against each other. Reuters
On May 22, John Flood at Goldman Sachs flagged a growing investor fixation on big IPOs waiting in the wings. “Ahead of each of the four largest IPOs during the past few decades, U.S. equity mutual funds increased their cash balances,” he noted in a client update. Reuters
OpenAI isn’t the only one eyeing the public markets. Reuters says SpaceX is aiming for a massive $1.75 trillion valuation with its upcoming listing, and Anthropic is out raising funds that could push its valuation close to $1 trillion. Both would be big tests for public investors’ appetite after years of these tech giants staying private.
AI bets aren’t just about the companies building the models anymore. SoftBank, according to Reuters, has brought in banks to look at U.S. IPOs for both SB Energy—its energy business linked to OpenAI and that $500 billion Stargate infrastructure project—as well as robotics unit Roze. SB Energy is planning a 1.2-gigawatt Texas data center aimed at meeting OpenAI’s computing demands.
The clock’s ticking, and timing could easily shift. According to Bloomberg, OpenAI has Anthropic and Google breathing down its neck, mounting cost pressures, plus legal headaches linked to its chatbot. Musk isn’t backing down after his legal defeat. Bankers may find themselves holding a massive deal if market sentiment sours before September, and the window gets tighter.
Right now, it’s fund desks sending the loudest signals—not a public prospectus. Should OpenAI file in the near term, investors will finally get a close-up on revenue, losses, compute commitments, and risk factors—the actual figures fueling the AI boom, numbers that public markets have largely been forced to estimate by proxy.
